An article this week in the Houston Business Journal reports home prices in Houston fared better than in most U.S. markets.
According to a report by real estate data provider Clear Capital, Houston home prices rose 1.8 percent in the fourth quarter of 2011, much higher than the nation’s 0.4 percent decrease during the same timeframe.
Houston home prices are expected to continue on an upward trend, with Clear Capital estimating prices to increase by 3 percent in 2012. In comparison, the national average home price is expected to trek higher by only 0.2 percent this year.
Helping to keep the Houston housing market strong is a business-friendly environment, with Texas ranked sixth in the U.S. Chamber of Commerce’s report, “Enterprising States 2011.” The report said, “The Lone Star state is a low-tax state that offers a low cost of living and has an enterprise-friendly climate that’s paying off with high job growth rates. Recent state initiatives include a business tax reform that raises the revenue exemption.” In fact, Federal Reserve Senior Economist Keith Phillips said recently he expects Texas job growth to reach 2 percent this year for the third consecutive time. A 2 percent increase equals about 200,000 jobs.
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